When cities convert from single space parking meters (SSPMs) to multi-space parking meters (MSMs), they have experienced as much as a 40% increase in parking fees. Here are some of the reasons --
- MSMs offer credit card as a payment option --
- Offering a credit card payment option increases payment compliance. People without change no longer have to "chance it" and skip payment.
- Credit card payers often "round up" their time purchase; it provides an easy way to have a "cushion" in case they run late
- Accepting credit cards also supports your ability to raise rates; it eliminates the complaint that "I don't carry that much in coins!"
- It is common for cities to experience credit card use of 40%, 50%, even 60% of their transactions.
- Offering a credit card payment option increases payment compliance. People without change no longer have to "chance it" and skip payment.
- Multi-space meters eliminate "piggy-backing" -- the ability for cars to park using the remaining time from the previous parker.
- Multi-space meters are much more robust and reliable than SSPMs. This increased "up time" eliminates lost revenue due to "out-of-service" issues.
- In a Pay & Display mode, you do not draw spaces on the street. Cities experience an increase in parking volume along a standard city block of 10% to 15% because they no longer have to draw each space so it can accommodate a huge SUV. Since most of us drive cars smaller than that, motorists "self-select" the size of their parking space on the block and so more cars can park there. And you collect more revenue.
- Anti-theft advances --
- MSMs are heavy duty steel housings with specially engineered cash protections to thwart attempts to break in; SSPMs have no such protections.
- MSMs provide no access to cash during the collections process and so eliminate the temptation of some who might "pocket" the money.